The primary objective of FINMASPAY's Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) measures is to identify, prevent, and manage any risks that could link the company to illicit activities.
Financial institutions, including cryptocurrency exchanges, frequently face attempts at money laundering and the funding of terrorism. AML encompasses the laws and practices designed to stop criminals from disguising illegal earnings as legitimate income. Terrorist financing, on the other hand, refers to supporting terrorist individuals or groups. Even without direct funding, actions such as fundraising, using resources, and organizing funding fall under the umbrella of terrorist financing.
FINMASPAY places strong emphasis on identifying and addressing activities linked to money laundering or terrorist financing. To comply with both local and international laws, the company has implemented robust internal measures designed to prevent illicit activities such as money laundering, terrorist financing, human trafficking, drug trafficking, weapons proliferation, and corruption. FINMASPAY is committed to taking appropriate action if suspicious activities are detected among its clients.
Key components include:
Verification ProceduresCustomers must verify their identities before using FINMASPAY services. This verification process, mandated by law, ensures that all customers are properly identified to combat money laundering and terrorist financing. This includes collecting details such as name, address, date of birth, and any other relevant information about the customer or their organization. FINMASPAY may request additional details if a customer is considered high risk, which could extend the verification period.
Risk AssessmentFINMASPAY employs a risk-based approach to identify, evaluate, and address potential money laundering and terrorist financing risks. This approach ensures that the company takes appropriate measures in line with the assessed risk level.
Risk Categories- Customer Risk: FINMASPAY carefully examines discrepancies in identification documents, fictitious identities, stolen IDs, and other suspicious behaviors. Certain public figures, such as high-ranking officials or political leaders, are also subject to heightened scrutiny.
- Country Risk: The company adheres to stricter due diligence procedures for transactions or business dealings involving high-risk countries. This includes gathering more information about the customer, their sources of wealth, and obtaining approval from senior management.
Monitoring Customer ActivitiesContinuous monitoring is conducted to identify any fraudulent or illegal activity. All transactions are tracked, and suspicious actions are investigated thoroughly. If necessary, FINMASPAY will report these activities to the appropriate authorities and may request further information or documentation from customers. The company reserves the right to terminate relations with any client suspected of engaging in illegal activities.
Reporting Suspicious ActivityIn alignment with AML policies, FINMASPAY will report any suspicious activities to the relevant authorities as required by law. These reports are confidential, and FINMASPAY will not provide any details regarding such reports or respond to inquiries related to them.